Tech Mahindra
Tech Mahindra Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for Tech Mahindra Ltd, framed against the sector median so the premium or discount is obvious at a glance.
Tech Mahindra Ltd trades at a P/E of 26.36× and P/B of 4.28×, against the Technology sector median P/E of 18.82×.
Valuation
Profitability
Growth
Financial Health
Tech Mahindra Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for Tech Mahindra Ltd, switchable between annual and quarterly views, consolidated or standalone.
Tech Mahindra Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹1,40,421.05 Cr and reported EPS of ₹54.21.
| Period | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 30,773 | 34,742 | 36,868 | 37,855 | 44,646 | 53,290 | 51,995 | 52,988 | 56,815 |
| Other Income | 1,416 | 534 | 1,192 | 787 | 1,112 | 965 | 917 | 855 | 32 |
| Total Income | 32,189 | 35,276 | 38,060 | 38,642 | 45,758 | 54,255 | 52,912 | 53,844 | 56,847 |
| Gross Profit | 30,773 | 34,742 | 36,868 | 37,855 | 44,646 | 53,290 | 51,995 | 52,988 | 56,815 |
| +Operating Expenses | 26,063 | 28,405 | 31,359 | 31,059 | 36,626 | 45,498 | 47,489 | 46,025 | 47,781 |
| EBITDA | 4,710 | 6,337 | 5,509 | 6,796 | 8,020 | 7,792 | 4,506 | 6,964 | 9,034 |
| +Non-Operating Expenses | 1,247 | 1,197 | 1,632 | 1,633 | 1,686 | 2,253 | 2,220 | 2,183 | 1,945 |
| Profit Before Tax (PBT) | 4,879 | 5,543 | 5,058 | 5,953 | 7,452 | 6,445 | 3,224 | 5,653 | 6,573 |
| +Tax Expense | 1,093 | 1,254 | 1,160 | 1,600 | 1,822 | 1,589 | 828 | 1,400 | 1,768 |
| Profit After Tax (PAT) | 3,786 | 4,289 | 3,897 | 4,353 | 5,630 | 4,857 | 2,397 | 4,253 | 4,806 |
| Earnings Per Share (EPS) | 38.78 | 43.70 | 41.76 | 45.73 | 57.27 | 49.59 | 24.14 | 43.43 | 49.10 |
| Diluted Shares Outstanding (Nos.) | 98 | 98 | 97 | 97 | 97 | 97 | 98 | 98 | 98 |
| +Additional Disclosures | 27,078 | 29,901 | 32,756 | 33,039 | 38,604 | 47,869 | 49,894 | 48,447 | 51,389 |
| Sales Growth % | — | 12.90 | 6.12 | 2.68 | 17.94 | 19.36 | -2.43 | 1.91 | 7.22 |
| YoY Sales Growth % | — | 12.90 | 6.12 | 2.68 | 17.94 | 19.36 | -2.43 | 1.91 | 7.22 |
| Employee Cost % | 54 | 50 | 51 | 51 | 50 | 52 | 56 | 56 | 54 |
| Other Cost % | 31 | 31 | 34 | 31 | 32 | 33 | 35 | 31 | 30 |
| OPM % | 15 | 18 | 15 | 18 | 18 | 15 | 9 | 13 | 16 |
| Tax % | 22 | 23 | 23 | 27 | 24 | 25 | 26 | 25 | 27 |
| Profit Growth % | — | 13.28 | -9.13 | 11.69 | 29.34 | -13.73 | -50.65 | 77.45 | 12.99 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 3,625 | 5,208 | 4,063 | 5,339 | 6,500 | 5,835 | 2,689 | 5,111 | 7,153 |
Tech Mahindra segment analysis: revenue and profit mix.
Disclosed business segments at Tech Mahindra with their share of revenue and profit, switchable between consolidated and standalone reporting.
Tech Mahindra discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
Tech Mahindra Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy Tech Mahindra Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
Tech Mahindra Ltd's investment case rests on 10 positive markers and 10 flagged concerns drawn from the latest reported filings.
What you're getting.
Strong ROE (14.6%) and ROCE (18.6%) indicate efficient capital utilization.
Very low debt-to-equity ratio (0.07) ensures robust financial health.
Significant promoter holding (35%) reflects strong management confidence.
Consistent quarterly sales growth (5.12%) demonstrates sustained market demand.
Healthy 5-year Free Cash Flow CAGR (8.12%) supports future investments.
What can break it.
High P/E ratio (31.70) suggests potential overvaluation compared to peers.
Recent quarterly profit decline (-4.45%) indicates a dip in profitability.
Negative 3-year EPS growth (-8.64%) raises concerns about earnings trajectory.
Declining FII (20.60%) and public (9.61%) shareholding signals reduced confidence.
Negative 5-year net margin growth (-6.02%) impacts long-term profitability.
What would change my mind.
Trim if P/E re-rates above 34 (~1.8× the sector multiple of 18.8). The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 7.77. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 12%. The operating engine is no longer compounding capital efficiently.
Tech Mahindra Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — Tech Mahindra Ltd is highlighted for quick read-across.
Quick Compare
Peer Comparison
Tech Mahindra Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for Tech Mahindra Ltd — derived from the live tape, not yesterday's close.
Tech Mahindra Ltd last traded at ₹1,429.2 with an intraday range of ₹1,425–₹1,478.6 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹1429.20| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 1570.73 | +141.53 | +9.90% |
| R3 | 1517.13 | +87.93 | +6.15% |
| R2 | 1497.87 | +68.67 | +4.80% |
| R1 | 1463.53 | +34.33 | +2.40% |
| PIVOT | 1444.27 | 15.07 | 1.05% |
| CURRENT | 1429.20 | — | — |
| S1 | 1302.73 | -126.47 | -8.85% |
| S2 | 1356.33 | -72.87 | -5.10% |
| S3 | 1390.67 | -38.53 | -2.70% |
| S4 | 1409.93 | -19.27 | -1.35% |
TECHM is trading Below CPR, indicating Bearishness
CPR is Wider, suggesting unlikely for trending moves
Day's range: 1455.5 ~ 1478.6
Trading Below opening range, showing Bearishness
Tech Mahindra Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for Tech Mahindra Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in Tech Mahindra Ltd stood at 48.8% of traded volume, against a 20-day average of 46.9%.
Tech Mahindra announcements: results, concalls, ratings, M&A.
Filings Tech Mahindra sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
Tech Mahindra files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 177 documents below.
General Updates
Tech Mahindra Limited has informed the Exchange about the Newspaper Advertisement published today.
Allotment of Securities
Tech Mahindra Limited has informed the Exchange regarding allotment of 112907 securities pursuant to ESOP/ESPS at its meeting held on May 01, 2026
Acquisition
Tech Mahindra Limited has informed the Exchange about Acquisition
Analysts/Institutional Investor Meet/Con. Call Updates
Tech Mahindra Limited has informed the Exchange about Transcript
General Updates
There is no change in financial results, enclosing machine readable copy of outcome of Board meeting.
Investor decks & rating reports.
Tech Mahindra dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue Tech Mahindra has declared, sequenced by announce and record date.
Tech Mahindra corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About Tech Mahindra Ltd: business, sector, key facts.
What Tech Mahindra Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
Tech Mahindra Ltd operates in the Technology, listed as NSE: TECHM, BSE: 532755.
Tech Mahindra Limited is a global information technology (IT) services and solutions company with a significant presence across the Americas, Europe, India, and other international markets. The company's operations are primarily divided into two segments: IT Business and Business Process Outsourcing (BPO). This structure allows Tech Mahindra to cater to a wide range of client needs, from core IT infrastructure management to more specialized and strategic business solutions.
Tech Mahindra's IT Business segment offers a comprehensive suite of services covering various aspects of modern technology. These include cloud consulting and services (including cloud infrastructure management and FLEX Digital workplace solutions), application development and maintenance, intelligent automation, testing and performance engineering, data analytics, and artificial intelligence services. The company's expertise also extends to engineering and network services, and the management of data centers. They provide solutions across various digital enterprise applications focusing on enhancing operational efficiency and innovation for their clients.
Complementing its IT services, Tech Mahindra's BPO segment focuses on providing business process outsourcing solutions. This involves handling a variety of back-office functions for clients, enabling them to concentrate on their core business operations. Specific BPO offerings encompass business process services, cybersecurity solutions, blockchain technology implementation, metaverse services, and a focus on enhancing customer experience and incorporating sustainability initiatives. This multifaceted approach allows Tech Mahindra to deliver comprehensive solutions across the entire technology ecosystem.
Tech Mahindra serves a diverse clientele spanning a broad spectrum of industries. Key sectors include communication, banking and financial services, energy and utilities, healthcare and life sciences, hi-tech, insurance, manufacturing, media and entertainment, private equity, oil and gas, professional services, and travel, transportation, hospitality, and logistics. This wide-ranging portfolio demonstrates the company's adaptability and its ability to provide tailored solutions to meet the unique needs of various business environments.
Established in 1986 and headquartered in Pune, India, Tech Mahindra has built a strong reputation for delivering high-quality IT and BPO services globally. Their extensive service offerings, coupled with their diverse industry experience, position them as a significant player in the competitive landscape of the global IT industry. The company’s continued growth and expansion reflect a commitment to innovation and a capacity to adapt to the evolving technological and business demands of its clients.
Questions investors ask about Tech Mahindra Ltd (TECHM).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of Tech Mahindra Ltd (TECHM)?
The current share price of Tech Mahindra Ltd (TECHM) is ₹1,429.2. Today, the stock has declined by ₹35.90 (2.45%), trading in a range of ₹1,425 to ₹1,478.6. The stock opened at ₹1,477 with a trading volume of 24,60,369 shares.
02Is Tech Mahindra Ltd stock a good investment for long-term?
Tech Mahindra Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹1,40,421.05 crores, P/E ratio of 26.36, ROE of 16.61%, and ROCE of 18.60%. The dividend yield stands at 3.48%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of Tech Mahindra Ltd stock?
The 52-week high price of Tech Mahindra Ltd (TECHM) is ₹0, while the 52-week low is ₹0. Currently trading at ₹1,429.2, the stock is Infinity% away from its 52-week low and -Infinity% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy Tech Mahindra Ltd stock at the current price?
Whether to buy Tech Mahindra Ltd stock at ₹1,429.2 depends on multiple factors. The stock is currently trading with a P/E ratio of 26.36 and P/B ratio of 4.28. Today's performance shows a loss of 2.45%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of Tech Mahindra Ltd and when is the next dividend?
Tech Mahindra Ltd offers a dividend yield of 3.48%, which means for every ₹100 invested at the current price of ₹1,429.2, you can expect to receive approximately ₹3.48 annually as dividends. The face value of the stock is ₹5.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of Tech Mahindra Ltd?
Tech Mahindra Ltd's key financial metrics include: P/E Ratio: 26.36, P/B Ratio: 4.28, ROE: 16.61%, ROCE: 18.60%, Dividend Yield: 3.48%, EPS: ₹54.21, Book Value: ₹334.04, and Debt-to-Equity: 7.27. The company's market cap stands at ₹1,40,421.05 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is Tech Mahindra Ltd stock performing today in the market?
Tech Mahindra Ltd stock opened at ₹1,477 and is currently trading at ₹1,429.2, showing a decline of ₹35.90 (2.45%). The intraday high is ₹1,478.6 and low is ₹1,425. The trading volume stands at 24,60,369 shares, indicating strong market participation today.
08What is the P/E ratio of Tech Mahindra Ltd and what does it indicate?
Tech Mahindra Ltd has a Price-to-Earnings (P/E) ratio of 26.36, which means investors are willing to pay ₹26.36 for every ₹1 of earnings. With an EPS of ₹54.21, this P/E ratio suggests the stock may be trading at a premium, possibly due to high growth expectations. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about Tech Mahindra Ltd (TECHM) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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